Be Vigilant About Repairs And Upkeep

Throughout this book, I’ve talked about the ways Trump gets premium prices for his properties by offering impressive luxuries people aren’t used to seeing. He will only use the finest marble, and each piece has to match. He will only use mirrored steel and it has to be perfect. It’s one thing to use these materials; it’s another to keep them in pristine condition. Trump’s philosophy on repairs and maintenance is unwavering: Everything must be constantly maintained by skilled personnel. What other building owners and property managers do is not good enough for TrumpThe windows must be cleaned every few weeks; not just four times a year like other properties. Elevator carpets are vacuumed three times a day, not once a week. Uniforms have to be clean and pressed and fit properly. (By the way, the uniforms in Trump buildings are designed with more flourish and distinction than typical uniforms.) If you go into any Trump building, you will notice that the marble floors are always highly polished and all glass is spotless. A Trump rule for his properties is, “Don’t wait until it’s broken to fix it, fix it before it breaks.” This level of vigilance concerning service, maintenance, and repairs is one of the reasons Trump International Hotel in New York City, which has always had a Five-Star rating, was recently voted the best hotel in New York City by Travel & Leisure magazine. This property is not even branded with one of the big-name hotel chains, such as The Four Seasons, Hyatt, or Ritz Carlton.
Even without major name recognition, it was rated the number one hotel in New York City. Capitalizing on Trump’s reputation for quality and service, it also charges the highest rates of any hotel in New York City— which guests willingly pay..

Plan Several Possible Ownership Timelines Selling When The Market Is Hot

A classic example of timing a sale was demonstrated by Leonard Kandell who made his fortune by constructing and leasing residential apartment buildings in New York City. Traditionally, he was a longterm holder. However, when the idea of converting apartment buildings into cooperative apartments beca...

Holding Strategies Land Banking

The following are examples of several strategies that successful realty investors utilize. Some of the strategies are short term and some are long term.This strategy is long-term in nature, because you’re investing in a property that you intend to hold, and then either develop it some time in the...

Holding Strategies Renting With A Buy Option

Renting houses or apartments has always been a great way for realty investors to show a good return on their investment. However, when it comes to renting houses to tenants, there’s another potential method one can use to earn an even greater return. You can do it by giving a tenant an option to b...

Holding Strategies Conversions

Sometime a piece of real estate requires a change of use to achieve a greater value. If you have a residential building that isn’t doing well and the zoning permits the change to office use, check it out. If it’s costeffective based on the cost of the conversion and the increased income from off...

Holding Strategies The Ultimate Holding Strategybringing In A Watchdog